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Joint Stock Company Kaspi.kz

NASDAQ•KSPI
CEO: Mr. Mikheil N. Lomtadze
セクター: Technology
業種: Software - Infrastructure
上場日: 2018-07-23
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
連絡先情報
154A Nauryzbai Batyr Street, Almaty, 050013, Kazakhstan
N/A
www.ir.kaspi.kz
時価総額
$13.95B
PER (TTM)
6.3
42.4
配当利回り
--
52週高値
$105.00
52週安値
$70.05
52週レンジ
9%
順位6
7.5
F-Score
改良版 Piotroski 分析
6年ファンダメンタル
強い • 7.5 / 9 ポイント
スコアレンジ (0-9)
8-9: 価値が優れている
6-7: 基礎体質が強い
4-5: 全体的に堅調
0-3: パフォーマンスが弱い
データ期間: 2020-2025

財務ダッシュボード

Q3 2025 データ

売上高

$2.07B+70.12%
直近4四半期の推移

EPS

$2.72+2.71%
直近4四半期の推移

フリーCF

-$268.13M-187.90%
直近4四半期の推移

2024 Annual 決算ハイライト

主なハイライト

Total Revenue Increased 32% Total revenue reached ₸2.53T ($4.82B), showing 32% growth driven by strong performance across all platforms.
Net Income Grew 25% Net income was ₸1.06T ($2.01B), reflecting successful scaling and profitability across Payments, Marketplace, and Fintech.
Payments TPV Up 31% Total Payment Value (TPV) hit ₸37.23T, increasing 31%, primarily due to a 40% rise in transaction volume.
Marketplace GMV Expanded 44% Marketplace Gross Merchandise Value grew 44% to ₸5.98T, supported by 85% growth in e-Commerce GMV.

リスク要因

Cost of Goods Services Soared Cost of goods and services increased 83% to ₸303.9B, primarily due to scaling 1P e-Grocery and e-Cars businesses.
Sales Marketing Expenses Doubled Sales and marketing expenses rose 101% to ₸44.0B, reflecting increased investment in internet marketing activity and promotions.
Provision Expenses Increased 43% Provision expenses grew 43% to ₸114.0B, driven by 38% increase in Average Net Loan Portfolio and higher Cost of Risk.
Kazakhstan Economic Volatility Exposure to Tenge volatility, high inflation, and evolving Kazakhstan regulatory framework poses ongoing material risks to operations.

見通し

Hepsiburada Acquisition Closed Completed acquisition of Hepsiburada in Türkiye for approximately $1.13B, aiming to replicate Super App model internationally.
Payments TPV Growth Expected Expect TPV growth to continue medium term by adding more payment opportunities and growing Payments Active Consumers by 6%.
Fintech Profitability Recovery Expect Fintech segment profitability to increase when higher interest rates normalize from current elevated levels impacting funding costs.
Retaining Earnings for 2025 Currently do not intend to pay dividends in 2025, prioritizing retention of earnings for new business initiatives and capital expenditures.

同業比較

売上高 (TTM)

KSPI stock ticker logoKSPI
$7.03B
+53.3%
QXO stock ticker logoQXO
$6.84B
+11938.9%
GEN stock ticker logoGEN
$4.73B
+21.5%

粗利益率 (最新四半期)

BSY stock ticker logoBSY
81.9%
+0.1pp
DT stock ticker logoDT
81.4%
+0.4pp
DOCU stock ticker logoDOCU
79.2%
-0.1pp

主要指標

銘柄コード
時価総額
PER (TTM)
ROE (TTM)
負債比率
QXO$16.48B-0.5-3.2%28.2%
AKAM$14.92B32.99.6%60.2%
KSPI$13.95B6.359.0%4.2%

長期トレンド

直近4四半期
売上高
純利益
営業キャッシュフロー
4四半期売上高CAGR
12.8%
安定成長
4四半期純利益CAGR
-5.9%
収益性の低下
キャッシュフロー安定性
50%
キャッシュフローに注意が必要

深度リサーチ

次回決算:2026年4月27日
|
EPS:$2.87
|
売上高:$2.02B
財務データ
決算説明会
財務レポート
ニュース
損益計算書
バランスシート
キャッシュフロー計算書
財務比率
変化率
損益計算書
直近12ヶ月
データなし